Implementing New Strategies in a Post-Covid World

Let's face it, we live in a whole new world after covid. There are so many more requirements, rules for engagement, and other social and economic societal changes. Ways to increase revenue for FECs and theme parks are no different. With so many family entertainment centers and theme parks shutting down because of the financial impact that covid has had, along with new requirements that are mandatory in the future of this industry, we will need to change our strategies to keep up.?

Taking advantage of the public desire to get out after being on lockdown for so long, is a smart way to proceed with your pricing and your packages. In this post covid era, we really have to take every single opportunity we have to increase our revenue. We don't want to be like so many businesses that are being forced to close their doors for good.

People are searching for destinations to travel to. They want family fun. They want to enjoy life. If there's one thing this last year has taught us with so many passing away from this pandemic, and the world being forced to stay inside and not engage in social gatherings; it has been to really appreciate the time that we have. Most people want to travel and get back to having fun and enjoying life.

So what can you do? One option is to consider working with Airlines to buy tickets in bulk or offer free flights.?You can always partner with your local hotels and see what kind of perks you can work out with them as well. By working together with the travel and hotel industry you can put some pretty amazing packages together to attract more guests to your facility. You don't have to stop there, you can also partner with travel agencies.?

Implementing these strategies are not only great marketing techniques but if your packages take all the guesswork and footwork (which is to also say the headache and hassle) of planning a trip away from your guests, then they are more likely to do business with you. When you're making their life easier by providing all-inclusive packages, quality service and exciting entertainment, you can't lose!

Have you thought about developing sponsorship revenue? This has the potential to subsidize ticket prices.?

And perhaps one of the key aspects that the general public is currently very attached to, is their safety. It's a smart idea to take as many measures as possible to communicate the safety steps that you are taking to ensure that you are doing all you can to keep them and their families protected in your establishment.?

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07-09-22

?Tim Murphy is CEO of APX Operating Company, dba Boomers Parks, under the ownership of Cerberus private equity ($55B assets). Boomers Parks owns six family entertainment centers and two water parks with locations in California, Florida, and New Jersey.

As CEO of Boomers Parks since 2020, Tim took these eight parks from bankruptcy to profitability in just a year – in the middle of a global pandemic. When Boomers acquired these parks, they were operating at a $10 million loss. Tim transformed the customer experience and added new revenue streams to generate a 180% increase in revenue in 2021 (and on track to be a 250% increase in 2022).?

Tim launched his 35+ year career at Walt Disney World and has since served more than 150 entertainment, restaurant, and food & beverage brands across more than 10,000 locations in C-suite and senior positions.

?Additionally, Tim is a Board Director with Coney Park, Happy City, and YuKids - Family Entertainment & Amusement Parks, part of The Carlyle Group ($275B assets), a private equity firm that operates 150+ family entertainment centers and amusement parks in Latin America.?

?Tim has worked with top-tier entertainment and restaurant brands including Disney, Rebounderz Trampoline Parks, Darden Restaurants (Olive Garden, Bahama Breeze, etc.), Red Lobster, Jimmy John’s, Applebee’s, Sonny’s Bar-B-Q, Denny’s, El Pollo Loco, Hardee’s, Golden Corral, and Firehouse Subs.?

Tim has overseen more than 35 purchase transactions involving over 1,200 restaurants, stores, and park locations.?With extensive experience in buying and selling businesses, handling negotiations with buyers and sellers, and creating strategic partnerships to build strong brands, Tim has facilitated deals ranging from $11 million to $350 million+.

?Tim is a member of IAAPA, CAPA, FAA, AAMA & WWA. He is a licensed commercial real estate broker in the State of Florida. Tim earned a BS/BA in Accounting from the University of Central Florida and?an MBA in Finance from Orlando College.